The world’s most valuable company, and first to be valued at $4trn (£2.9trn), beat market expectations in keenly anticipated financial results.
Microchip maker Nvidia recorded revenues of $46.7bn (£34.6bn) in just three months up to July, latest financial data from the company showed, slightly better than Wall Street observers had expected.
The company’s performance is seen as a bellwether for artificial intelligence (AI) demand, with investors paying close attention to see whether the hype is overblown or if significant investment will pay off.
Originally a creator of gaming graphics hardware, Nvidia’s chips help power AI capability – and the UK’s most powerful supercomputer.
Nvidia’s graphics processors underpin products such as ChatGPT from OpenAI and Gemini from Google.
Other tech giants – Microsoft, Meta and Amazon – make up Nvidia’s biggest customers and are paying large sums to embed AI into their products.
Why does it matter?
Nvidia has been central to the boom in AI development and the surge in tech stock valuations, which has seen stock markets reach record highs.
It represents about 8% of the value of the US S&P 500 stock market index of companies relied on to be stable and profitable.
Strong results will continue to fuel record highs in the market. Conversely, results that fail to live up to the hype could trigger a market tumble.
Please use Chrome browser for a more accessible video player
2:08
Is Trump’s AI plan a ‘tech bro’ manifesto?
Nvidia itself saw its share price rise more than 40% over the past year. Its value impacts anyone with cash in the US stock market, such as pension funds.
The S&P 500 rose 14% over the past year, and the tech-company-heavy NASDAQ gained 21%, largely thanks to Nvidia.
As such, its earnings can move markets as much as major economic or monetary policy announcements, like an interest rate decision.
Image: Sir Keir Starmer with NVIDIA chief Huang at London Tech Week. Pic: AP
What next?
Revenue rises are forecast to continue to rise as Nvidia said it expected a rise to roughly $54bn (£40bn) in the next three months, more than the $53.14bn (£39.3bn) anticipated by analysts.
This excludes any potential shipments to China as export of Nvidia’s H20 chip, designed with the Biden administration’s export crackdown on advanced AI powering chips in mind, had been banned under US national security grounds.
But in recent weeks, Nvidia and another chipmaker, AMD, reached an unprecedented agreement to pay the Trump administration a 15% portion of China sales in return for export licences to send chips to China.
There were no H20 sales at all to China in the second quarter of the year, the period for which results were released on Wednesday evening.
Previously, 13% of Nvidia’s revenue came from China, with nearly 50% coming from the US.
Market reaction
Despite the expectation-beating results, Nvidia shares were down in after-hours trading, as the massive revenue rises previously booked by the company were not repeated in the latest quarter.
Compared to a year ago, revenues rose 56% and 6% compared to the three months up to April.
The absence of Chinese sales in forecasts appeared to disappoint.
Palestinian President Mahmoud Abbas and 80 other officials have been blocked from attending September’s annual meeting of the United Nations General Assembly in New York.
US secretary of state Marco Rubio has revoked the US visas of delegates from the Palestinian Authority (PA) and Palestine Liberation Organisation (PLO), and denied others from applying for one.
It is the latest step by Donald Trump’s administration to target Palestinians with visa restrictions, and follows the suspension of a programme to allow injured children from Gaza to receive treatment in the US.
Image: Mahmoud Abbas addressed the general assembly in 2024, but is barred from next month’s meeting. Pic: Reuters
“It is in our national security interests to hold the PLO and PA accountable for not complying with their commitments, and for undermining the prospects for peace,” a statement from the US State Department said.
It added that, to be considered partners for peace, both groups “must consistently repudiate terrorism, and end incitement to terrorism in education, as required by US law and as promised by the PLO”.
Israel declared Gaza’s largest city a dangerous combat zone on Friday.
The army launched a planned offensive that has drawn international condemnation.
Please use Chrome browser for a more accessible video player
0:44
Thick smoke rises from Gaza City after Israeli strikes
Foreign ministers from Iceland, Ireland, Luxembourg, Norway, Slovenia and Spain released a joint statement saying the military operations in Gaza City will cause “intolerable deaths of innocent Palestinian civilians”.
Hundreds of thousands of Palestinians are sheltering in Gaza City while enduring famine.
Image: An Israeli armoured vehicle in northern Gaza on Friday. Pic: AP
Image: Palestinians ride a truck carrying humanitarian aid in Gaza City. Pic: AP
The Palestinian ambassador to the United Nations (UN), Riyad Mansour, said Mr Abbas had planned to lead the delegation to the UN meetings and was expected to address the general assembly at the general debate, which begins on 23 September.
He was also expected to attend a high-level meeting co-chaired by France and Saudi Arabia on 22 September about a two-state solution, a broad idea involving Israel coexisting with an independent Palestinian state.
The State of Palestine is an observer member of the UN, meaning it can speak at meetings but not vote on resolutions.
Image: The State of Palestine cannot vote on UN resolutions. Pic: AP
US decision ‘contravenes international law’
The Palestinian Authority “expressed its deep regret and astonishment” at the visa decision, calling it “a violation of US commitments” as the host of the UN, and claiming it “contravenes international law”.
UN spokesman Stephane Dujarric said the world body would be seeking clarification in the “hope that this will be resolved”.
Image: Hundreds of diplomats left when Israeli leader Benjamin Netanyahu began speaking at the general assembly in 2024. Pic: Reuters
The State Department said that the Palestinian Authority’s mission to the UN, comprising officials who are permanently based there, would not be included in the restrictions.
Under a 1947 UN agreement, the US is generally required to allow access for foreign diplomats to the UN in New York.
But Washington has said it can deny visas for security, extremism and foreign policy reasons.
The death toll in Gaza has now risen to 63,025, according to the Hamas-run health ministry, which does not differentiate between civilians and combatants.
It also reported five more malnutrition-related deaths in the last 24 hours, bringing the total number during the war to 322, with 121 of them children.
US President Donald Trump has revoked Secret Service protection for former vice president and 2024 Democratic rival Kamala Harris.
A senior adviser to Harris, Kirsten Allen, confirmed the decision. “The vice president is grateful to the United States Secret Service for their professionalism, dedication, and unwavering commitment to safety,” said the adviser.
Typically, vice presidents receive a six-month security detail from the Secret Service after they leave office, although it had been extended to 18 months for Harris, according to officials.
Initially, then-president Joe Biden extended her security arrangements to one year, or January 2026, according to reports.
However, a Secret Service official told Sky News’ US partner, NBC, that Biden subsequently signed an executive memorandum in January increasing the then vice-president’s protection period even further, to 18 months.
Former US presidents receive Secret Service protection for life.
Harris, who lost the 2024 presidential election to Mr Trump, is due to start a book tour for her memoir, “107 Days”, shortly.
She was the Democratic nominee for 107 days after Biden exited the race in the weeks following a challenging debate against Trump.
Mr Trump has also ended federal security protection for others, including former national security adviser John Bolton. Last week, FBI agents raided Bolton’s Maryland home.
In March, the president ended protection for Joe Biden’s children – Hunter and Ashley Biden.
Harris has not ruled out a possible presidential run in 2028. She announced in July that she would not run for governor of California in 2026.
Eighteen other people were injured, including children aged between six and 15 and three adults in their 80s.
Police said Robin Westman, a male born as Robert Westman, opened fire with a rifle through the windows of the school’s church as children sat in pews.
Please use Chrome browser for a more accessible video player
17:49
New details released of US school shooting
‘Our hearts are broken’
Harper’s parents, Michael Moyski and Jackie Flavin, remembered her as “a bright, joyful, and deeply loved 10-year-old whose laughter, kindness, and spirit touched everyone who knew her”.
“Our hearts are broken not only as parents, but also for Harper’s sister, who adored her big sister and is grieving an unimaginable loss. As a family, we are shattered, and words cannot capture the depth of our pain,” their statement said.
They urged leaders and communities to “take meaningful steps to address gun violence and the mental health crisis in this country.”
“Change is possible, and it is necessary – so that Harper’s story does not become yet another in a long line of tragedies,” the statement added.
Image: The family of Fletcher Merkel said there was a ‘hole in our hearts’. Pic: Family handout/AP
‘Fletcher loved his family’
In a statement reported by Sky’s US partner network NBC News, Fletcher’s father Jesse Merkel blamed the “coward” killer for why the boy’s family can’t “hold him, talk to him, play with him, and watch him grow into the wonderful young man he was on the path to becoming”.
He said: “Fletcher loved his family, friends, fishing, cooking, and any sports that he was allowed to play.
“While the hole in our hearts and lives will never be filled, I hope that in time, our family can find healing.”
Mr Merkel also praised “the swift and heroic actions of children and adults alike from inside the church”.
“Without these people and their selfless actions, this could have been a tragedy of many magnitudes more. For these people, I am thankful,” he added.
Image: Families and loved ones reunite at the scene after the shooting. Pic: Reuters
Mayor calls for assault weapon ban
It comes after Minneapolis mayor Jacob Frey called for a statewide and federal ban on assault weapons, a day after the deadly school shooting.
Please use Chrome browser for a more accessible video player
6:34
Minneapolis mayor urges assault weapons ban
“Thoughts and prayers are not going to cut it. It’s on all of us to see this through,” the mayor said at a news conference. “We need a statewide and a federal ban on assault weapons.
“We need a statewide and a federal ban on high-capacity magazines. There is no reason that someone should be able to reel off 30 shots before they even have to reload.
“We’re not talking about your father’s hunting rifle gear. We’re talking about guns that are built to pierce armour and kill people.”
“It is very clear that this shooter had the intention to terrorise those innocent children,” he added, before saying the killer “fantasised” about the plans of other mass shooting attackers and wanted to “obtain notoriety”.
Thomas Klemond, interim CEO of Minneapolis’s main trauma hospital Hennepin Healthcare, said at an earlier news conference that the hospital was treating nine patients injured in the shooting.
One child at the hospital was in a critical condition, he added.
Children’s Minnesota Hospital also said that three children remain in its care as of Thursday morning.